Bare Act Search Results

Sick Industrial Companies (Special Provisions) Act, 1985 Section 23A

Title: Proceedings on Report, Etc., of Loss of Fifty Per Cent, Net Worth

State: Central

Year: 1985

.....company have resulted in erosion of fifty per cent. or more of its peak net worth during the immediately preceding four financial years, report the fact of such erosion to the Board. (2) If the Board has, upon information received or upon its own knowledge, reason to believe that the accumulated losses of any industrial company have resulted in erosion of fifty per cent. or more of its peak net worth during the immediately preceding four financial years, it may call for such information from the company as it may deem fit. (3) Where the Board is of the opinion that an industrial company referred to in sub-section (1) is not likely to make its net worth exceed its accumulated losses within a reasonable time while meeting all its financial obligations and that the company as a result thereof is not likely to become viable in future, it may require by order an operating agency to inquire into and make a report with respect to such matters as may be specified in the order. (4) After consideration of the report of the operating agency, the Board may publish or cause to be published a notice in such daily newspapers as the Board may consider necessary, for suggestions and.....

Sick Industrial Companies (Special Provisions) Act, 1985 Section 23

Title: Loss of Fifty Per Cent, Net Worth by Industrial Companies

State: Central

Year: 1985

.....as to such erosion and the causes for such erosion; (c) the company may, by ordinary resolution passed at the meeting held under clause (a) remove a director (being a director appointed by the members of the company) and fill the vacancy created by such removal, so far as may be, in accordance with the procedure provided in sub-sections (2) to (6) of section 284 of the Companies Act, 1956 (1 of 1956). (2) A director removed under sub-section (1) shall not be entitled to any compensation or damages for termination of his appointment as director or of any appointment terminating with that as director. (3) If default is made in complying with the provisions of this section, every director or other officer of the company who is in default shall be punishable with imprisonment which shall not be less than six months but which may extend to two years and with fine. _______________________ 1. Substituted by Act 12 of 1994, sec. 14, for "preceding five financial years" (w.e.f. 1-2-1994).

Finance Act, 1985 Schedule I

Title: First Schedule

State: Central

Year: 1985

.....any debentures issued by a company where such debentures are listed on a recognized stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder (vi) on any other income (excluding interest payable on a tax-free security) 20 per cent. Nil; (b) where the person is not resident in India - (i) in the case of a non-resident Indian - (A) on investment income and long-term capital gains 20 per cent. Nil; (B) on income by way of interest payable on a tax-free security 15 per cent. Nil; (C) on the whole of the other income income-tax at 30 per cent. of the amount of the income,Orincome-tax in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of this Schedule, if such income had been the total income, whichever is higher; (ii) in the case of any other person - (A) on the whole of the income income-tax at 30 per cent. of the (excluding interest payable on a tax-free security) amount of the income, .....

Sick Industrial Companies (Special Provisions) Act, 1985 Complete Act

State: Central

Year: 1985

SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 1 of 1986 An Act to make in the public interest, special provision with a view to securing the timely detection of sick and potentially sick companies owning industrial undertakings, the speedy determination by a board of experts of the preventive, ameliorative, remedial and other measures which need to be taken with respect to such companies and the expeditious enforcement of the measures so determined and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Thirty-sixth Year of the Republic of India as follows :- CHAPTER 01: PRELIMINARY SECTION 01: SHORT TITLE, EXTENT, COMMENCEMENT AND APPLICATION (1) This Act may be called the Sick Industrial Companies (Special Provisions) Act, 1985. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appoint- ed for different provisions of this Act and any reference in any provision of this Act to the commencement of this Act shall be.....

Sick Industrial Companies (Special Provisions) Act, 1985 Chapter IV

Title: Proceedings in Case of Potentially Sick Industrial Companies, Misfeasance Proceedings, Appeals and Miscellaneous

State: Central

Year: 1985

.....firm, means a partner in the firm. Section 35 - Power to remove difficulties If any difficulty arises in giving effect to the provisions of this Act or the rules, schemes or orders made thereunder, the Central Government may, by notification, remove the difficulty: Provided that no such notification shall be made by the Central Government after the expiry of a period of three years from the date on which this Act receives the assent of the President. Section 36 - Power to make rules (1) The Central Government may, by notification, make rules for carrying out the provisions of this Act. (2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- (a) the salaries and allowances payable to and other terms and conditions of service of the Chairman and other Members under sub-section (7) of section 6; (b) the powers which may be exercised and the duties which may be performed by the Secretary to the Board or the Appellate Authority under sub-section (1) of section 8; (c) the restrictions and conditions subject to which officers and employees may be appointed to the Board.....

Bhopal Gas Leak Disaster (Processing of Claims) Act, 1985 Complete Act

State: Central

Year: 1985

.....The provisions of this Act and of any Scheme framed there under shall have effect notwithstanding anything inconsistent therewith contained in any enactment other than this Act or any instrument having effect by virtue of any enactment other than this Act. SECTION 12: REPEAL AND SAVING (1) The Bhopal Gas Leak Disaster (Processing of Claims) Ordinance. 1985. is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under the corresponding provisions of this Act. BHOPAL GAS LEAK DISASTER (REGISTRATION AND PROCESSING OF CLAIMS) SCHEME, 1985 G.S.R. No. 751 (E), dated 24th September, 1985. 1-In exercise of the powers conferred by Sec. 9 of the Bhopal Gas Leak Disaster (Processing of Claims) Act, 1985 (21 of 1985), the Central Government hereby frame the following scheme, namely : SCHEME 01: SHORT TITLE AND COMMENCEMENT (1) This Scheme may be called the Bhopal Gas Leak Disaster (Registration and Processing of Claims) Scheme, 1985. (2) It shall come into force on the date of its publication in the Official Gazette. SCHEME 02: DEFINITIONS -In this Scheme, unless the.....

Sick Industrial Companies (Special Provisions) Act, 1985 Chapter III

Title: References, Inquiries and Schemes

State: Central

Year: 1985

.....Interest Act, 2002, where financial assets have been acquired by any securitisation company or reconstruction company under sub-secton (1) of section 5 of that Act: Provided also that on or after the commencement2of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, where a reference is pending before the Board for Industrial and Financial Reconstruction, such reference shall abate if the secured creditors, representing not less than three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower of such secured creditors, have taken any measures to recover their secured debt under sub-section (4) of section 13 of that Act] (2) Without prejudice to the provisions of sub-section (1), the Central Government or the Reserve Bank or a State Government or a public financial institution or a State level institution or a scheduled bank may, if it has sufficient reasons to believe that any industrial company has become, for the purposes of this Act, a sick industrial company, make a reference in respect of such company to the Board for determination of the measures which may be adopted.....

Central Excise Tariff Act, 1985 Chapter 85

Title: Electrical Machinery and Equipment and Parts Thereof; Sound Recorders and Reproducers, Television Image and Sound Recorders and Reproducers, and Parts and Accessories of Such Articles

State: Central

Year: 1985

.....circuits may also include discrete components; (c) micro-assemblies of the moulded module, micromodule or similar types, consisting of discrete, active or both active and passive, components which are combined and interconnected. For the classification of the articles defined in this Note, headings 8541 and 8542 shall take precedence over any other heading in this Schedule which might cover them by reference to, in particular, their function. 6. Records, tapes and other media of heading 8523 or 8524 remain classified in those headings, when they are presented with the apparatus for which they are intended. This Note does not apply to such media when they are presented with articles other than the apparatus for which they are intended. 7. For the purposes of heading 8548, "spent primary cells, spent primary batteries and spent electric accumulators" are those which are neither usable as such because of breakage, cutting-up, wear or other reasons, nor capable of being recharged. 8. For the purposes of heading 8524 "recording" of sound or other phenomena shall amount to manufacture." 5. Substituted by the seventh schedule of Finance Act, 2006, w.e.f. 01.01.2007......

Sick Industrial Companies (Special Provisions) Act, 1985 Section 17

Title: Powers of Board to Make Suitable Order on the Completion of Inquiry

State: Central

Year: 1985

.....under section 16, the Board is satisfied that a company has become a sick industrial company, the Board shall, after considering all the relevant facts and circumstances of the case, decide, as soon as may be by order in writing, whether it is practicable for the company to1[make its net worth exceed the accumulated losses] within a reasonable time. (2) If the Board decides under sub-section (1) that it is practicable for a sick industrial company to1[make its net worth exceed the accumulated losses] within a reasonable time, the Board, shall, by order in writing and subject to such restrictions or conditions as may be specified in the order, give such company as it may deem fit to1[make its net worth exceed the accumulated losses.] (3) If the Board decides under sub-section (1) that it is not practicable for a sick industrial company to2[make its net worth exceed the accumulated losses] within a reasonable time and that it is necessary or expedient in the public interest to adopt all or any of the measures specified in section 18 in relation to the said company it may, as soon as may be, by order in writing, direct any operating agency specified in the order to prepare,.....

National Airports Authority Act, 1985 Complete Act

State: Central

Year: 1985

.....remuneration as may be determined by regulations. SECTION 11: AUTHORITY TO ACT ON BUSINESS PRINCIPLES -In the discharge of its functions under this Act, the Authority shall act, so far as may be, on business principles. SECTION 12: FUNCTIONS OF THE AUTHORITY (1) Subject to the rules, if any, made by the Central Government in this behalf, it shall be the function of the Authority to manage the aerodromes, the civil enclaves and the aeronautical communication stations efficiently. (2) It shall be the duty of the Authority to provide air traffic service and air transport service at any aerodrome and civil enclaves. (3) Without prejudice to the generality of the provisions contained in subsections (1) and (2), the Authority may- (a) plan, develop, construct and maintain runways, taxiways, aprons and terminals and ancillary buildings at the aerodromes and civil enclaves; (b) plant, procure, install and maintain navigational aids, communication equipment, beacons and ground aids at the aerodromes and at such locations as may be considered necessary for safe navigation and operation of aircraft; (c) provide air safety services and search and rescue facilities in co-ordination with.....